Oakland County today announced it has received an AAA bond rating with a stable outlook from Standard & Poor’s Financial Services. Moody’s Investors Service also reaffirmed Oakland County’s AAA bond rating today.
S&P gave its highest credit rating to the George W. Kuhn Drainage District series 2016 drain refunding bonds and on existing general obligation and limited-tax general obligation debt issued by and on behalf of the county. S&P reports Oakland County’s general obligation debt is eligible to be rated above the United States, and the county is capable of outperforming the country under fiscal stress.
“There is no higher measure of Oakland County’s performance than to be compared to the U.S. and come out on top,” says L. Brooks Patterson, executive of Oakland County. “We are reaping the rewards of our ‘thoughtful management versus crisis management’ approach to county government.”
S&P said Oakland County’s strong economy, management, financial policies and practices, and budgetary flexibility, along with a high available fund balance, support the AAA bond rating.
“Through thick and thin, Oakland County keeps our AAA bond rating thanks to smart budgeting and financial management,” says Oakland County Treasurer Andy Meisner. “Today, we announce that both S&P and Moody’s affirmed our AAA again, which is great news for our taxpayers.”